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Any of you all switched your energy provider(s)? Looks like there are a lot of options in terms of companies, rates, promos and length of contract for both my gas provider and electricity provider. Any thoughts, recommendations, words of caution etc.?

Only caution is to make sure you keep an eye on the promotion end date. I switched to one and the rate spiked after the promotion ran out.

(05-20-2017 12:42 PM)RealDeal Wrote:  Only caution is to make sure you keep an eye on the promotion end date. I switched to one and the rate spiked after the promotion ran out.

Thanks RD. How high did it jump and which company, may I ask? You can pm me if you prefer.

In addition to specific deals, part of what I'm wondering is whether I should be looking to lock in rates long term (e.g. 3-5 years) or to take advantage of short term promos and re-evaluate the situation when they run out...

I think it was Cincinnati Bell Energy. I've done a few of them and couldn't tell you the name I'm doing now but they do exactly as they advertise, if you can get a better rate than Duke id pull the trigger and just set a reminder to check options when the promotion runs out.

Depending on where you live, Townships, villages and incorporated areas often have an aggregation rate for residents who opt in. It's the same thing as doing it on your own but the rate is supposed to be lower with no promo. There are limitations if you have already done it with a provider or if you have a past due amountbwith Duke.

I have not done it but Anderson Township passed this last November. I should probably look into it.

Some of the better deals often come with major penalties if you cancel them early.

Most people who get hit with the penalty forget what their rate is and also forget they are locked in for a period of time. Someone calls on the phone or drops
by their house and offers them a great rate if they sign up now. They do so and get smacked with a penalty.

Its not the fault of the company that made the deal. The contracts and potential penalties for early termination are very clear. They are essentially buying a string of futures contracts and reselling them to you with a slight margin worked in. Its a good deal for you and a good deal for them. Their only risk is in not having the money to close their forward contracts. The penalty mitigates their risk.

Know the rates and remember the expiration date of the deal - you can pretty much always come out ahead vs Dukes rates (which are essentially tied to short term futures / spot market) by shopping alternative suppliers.

http://www.energychoice.ohio.gov/Default.aspx

Go to compare Electric rates to find the best provider and then the same for gas rates.
Make sure to check the length of the contract. I usually go with the year. Some have fees when you opt out, but i tend to go with the others. Either way after you do it, set an alarm or make a note around the time you signed up and start shopping again around the same time the next year

I feel like I've peeked into a window to another universe.

I'm in the process of closing on a home where we're moving from KY back to OH, and I honestly didn't know you could shop energy providers.

Anyone have any quick tips on what to do to help maximize my experience here? The website coach listed looks awesome, but I don't have current rates to compare it with. Nonetheless, that's my starting point. Any other advice is greatly appreciated.

(05-22-2017 08:43 PM)rath v2.0 Wrote:  Depending on where you live, Townships, villages and incorporated areas often have an aggregation rate for residents who opt in. It's the same thing as doing it on your own but the rate is supposed to be lower with no promo. There are limitations if you have already done it with a provider or if you have a past due amountbwith Duke.

I have not done it but Anderson Township passed this last November. I should probably look into it.

Colerain Township opted ALL residents in. You have to write a letter to the energy provider in order to not be switched.

In the last election, I made sure that I didn't vote for a single incumbent for township trustee. You ain't much of a trustee if I can't trust you!